Redunancy, pension and JSA

Fash

Posted somewhere else but think it must have been in the wrong place.

I am 58 and being made redundant. Does anyone know if I will be able to claim JSA when I'm made redundant with a redundancy payment of over £30,000 and taking my pension and lump sum? It would be the contribution JSA. I intend to keep looking for another job.

Thank you

ALIBOBSY

Should be fine for cont based JSA, only issue would be if any of your redundancy if PILON and or holiday pay. No benefit is payable for PILON (pay in lieu of notice) periods and or paid up holidays. Can't remember now but think your pension will be classed as income even for cont based, will check and get back to you.

ali x

ALIBOBSY

Yep your JSA would be reduced by the pension amount (with the first £50 per week being disregarded).

In other words reduced by any pension over £50 per week (i believe this is gross amounts but you may want to clarify)

ali x

traineepensioner

Hi,

Would it be worth deferring your pension for 6 months, until you're no longer eligible for cont' JSA? It might be worth checking if deferment would give you a bigger pension.

pp

reidy666

just going back to what alibobsy said about not being able to claim cont JSA in PILON,i am pretty sure there is new rules that came in last november,and you can claim JSA in PILON period.

Fash

Hi there - thank you so much for your advice. I'll be working my notice and do intend to use up all my holidays before leaving. In particular, thanks for the advice about the pension affecting the JSA. I kind of thought that might be the case. I think I will defer the pension for the 6 month period. I'm definitely going to take the pension even if I get another job as it will help me to be a bit more choosy and not take something too stressful. Feel it's about time I cut back but couldn't give up work entirely.

Thanks again - appreciate your time and knowledge!
Best regards
Fash

Dithering_Dad

Although I'm sure you're aware, it never hurts hurts to repeat, that the earlier you take your pension, the lower the amount will be. If you're a male, then you'll be taking it 7 years earlier than state retirement age and so your annuity could be greatly reduced.

ALIBOBSY

reidy666 wrote: »

just going back to what alibobsy said about not being able to claim cont JSA in PILON,i am pretty sure there is new rules that came in last november,and you can claim JSA in PILON period.

Just before I left work to go on maternity they were talking about a possibility of doing this but didn't know it was actually in place. I was working at the dwp, but have been a SAHM since last september. Would make processing alot easier as we used to spend alot of time trying to confirm notice pay and or holidays with employers. Makes more sense to treat it as a total redundancy amount which is capital only, much fairer

Thanks reidy :T

ali x

Fash

Hi Dithering Dad - thanks - it was very kind of you to raise the pension reduction. I got a quote from the pension company, ie taking pension and lump sum now, at 60 and 65, and to be honest the difference isn't great enough to make me want to wait, especially at this time when the job market will be saturated with people looking for work. I feel it will be nice to have an income independent of earnings that will provide for my expenses and I can rely on. I'm a believer that whatever works to make us feel secure, we should go for it. I've never been out of work before in my life so I reckon I'm due a bit of a break. I am hoping to get another job, but this way, I won't feel under pressure to take the first thing that happens along.
Thanks again!
Regards
Fash